Member Info for bestintown

Has anyone got a view about who bought the shares sold by Griffiths? This company appears to have the assets but to date has lacked the management to realise their true potential. Is there another enterprise in this business area that would be able to realise some synergies and actualise that value?

I expect everyone to sit tight and wait for the results of those important Q1 auctions whose outcome will determine how close we'll get to the expected 1-2mln annual loss stated in the funding raising RNS

that deserve this morning's opening SP. A turnaround case with a partially restored dividend that should stabilise the SP level. However, improved margins and a better Services market will be needed to move this share further up.

thanks for the info, I'm keeping my eye out for that next RNS

well Life can be strange..............anyway, where is this share headed? I just bought back in ,cos I think there is great potential here. Should the focus of the BOD/Oil India be on production or exploration/appraisal and how will this affect the SP? Your views welcomed.

Actually it appears that Oil India wanted to keep the current Board (I'd like to know their reasoning!). Kev4 posted a link to the report of the EGM that was published in the Irish Independant which stated: "Shareholders rejected each of the 15 Natlata proposals, which included removing and replacing five of PetroNeft's seven directors, voting roughly 75pc against and 25pc in favour. Anger was voiced from the floor that shareholders could not vote out members of the board without risking the deal with Oil India. Chairman David Golders said the board had argued against Oil India's insistence on the clause."

I can only assume the Board is worried that Natlata would get too much control if the financing deal was realised....the announcement of the offer by Natlata suggests to me that they would have more than 30% of the shares (hence the reference to not triggering a bid). Can anyone confirm this? The full details of the offer are at this link http://www.prnewswire.co.uk/news-releases/natlata-offers-new-financing-deal-to-petroneft-resources-251154451.html

I cannot see the specific trades that accounts for the bulk of the 98m shares sold. Can anyone else enlighten me? What is going on?

nice article in The Telegraph on today (25/10/13) about DCC http://www.telegraph.co.uk/finance/personalfinance/investing/shares/10404548/Mid-cap-share-tip-of-the-week-DCC.html

I agree with others that this is a good buy for the long term. So lets keep it in perspective. The Growth Story remains intact. As the Operations Update stated "The QCLNG project in Australia remains on schedule, with first gas into the plant expected around the year end. In Brazil, the second and third FPSOs came onstream as planned, and work continues on further well hook-ups". The troubles in Egypt are a concern but the Group’s 775 000 – 825 000 boepd 2015 production guidance remains unchanged - even if contingent on a recovery in natural gas prices in the USA and future events in Egypt. Hopefully the Capital Markets Day update on the four LNG growth projects under development together with a convincing presentation on future LNG market developments will support the sp.

We can all guess at the reasons for movement in this share which has languished unloved for months. But no-one knows for sure. Lets hope its confirmed as good news. However, I remain convinced that there is value here if only PTR can maintain production and get some free funds to continue the drilling programme and eventually restart its exploration activity. The sought after Farm In would help considerably but it will probably dilute the returns for existing shareholders.

H113 results reported on 29 August. Passenger volumes were down 4.2% but yields were up 1.8%. Freight Ro- Ro volumes were up nearly 8% but yields down by 3.5%. Freight Container volumes were up 11.3% but yields down 3%. Fall in Freight yields appears to reflect unfavourable move in GBP/Euro exchange. Finally, port lift volumes were down 3.5% and yields down by 2%. Overall costs were relatively stable. Ferries generated EBIT of Euro4mlm and Container & Terminal Euro2.4mln to give Group EBIT of Euro6.4mln. ICG should generate an average Free Cash Flow of 10% and provide a 2013 dividend yield of around 4% at current SP. Moreover there is scope for some Special Dividends because the future capex needs are low. This share looks reasonably supported at the current SP of circa Euro24. But - as always - DYOR!

Davy's reported today (12 June) that Matra has sold its 100% interest in the Arkhangelovskoe licence/ Sokolovskoe field for USD25m. A further USD10m is payable if certain performance criteria are met. The field has 13.5m barrels of 2P oil reserves but last year only produced an average output of just 33 bopd (PTR take heart!) as full field development has still to take place. The USD25m purchase price values 2P reserves at USD1.85/barrel (USD2.58/bbl if the conditional USD10m is included). PTR has 131m 2P barrels in place which gives a pari passu valuation of 23p per Petroneft share (rising to 33p per share if the conditional element is included). Now before we all get too excited the two areas are 750km apart and there are some synergies in the deal. Moreover Matra seem very pleased to dispose of this "star" asset - "The Board believes that the disposal of the licence for a consideration of up to $35 million represents compelling value when compared to the capital costs required to develop the asset and the technical risks associated with the field". Its all about Risk and Reward. But it does flag up the inherent value in PTR if they could only stabilise the production and get some funds for development of the remaining assets - that would give the market something to focus on. I'm a firm beliver in the PTR project - especially at this price (3p) - and will continue to hold my shares (which have sunk in value). The long silence from PTR raises my hopes that they will "surprise" on the upside with an operational statement which confirms production has been maintained at 3,000 bopd for the last few months and expressing confidence that it will be maintained for teh foreseeable future. That would be a huge step on the road to restoring investor confidence.

PTR has a great bundle of assets but the major O&G companies already have acreage in the Tomsk Oblast region so I expect that any potential bidder would be an opportunistic outsider looking for a fire sale. IMHO, don't hold your breath for a bid.

Can anyone confirm my understanding of the current situation? PTR issued a statement on 21st March that in summary stated a) the remediation of pressure issues in Arbuzovskoye 102 well had been successful but that time was needed to "allow the pressure maintenance system .... to get established", b) "other Arbuzovskoye wells are currently being examined with a view to re-perforating additional wells in the near term" based on this experience and c) "Locations and timing of further production wells will be selected based on the response to the pressure maintenance programme......and It is likely that at least three additional wells will ultimately be drilled from Arbuzovskoye Pad 1 to fully exploit the area". Arbuzovskoye well 105 was the most recent well and the sixth in the current programme of ten wells. My conclusions are that a number of existing wells are being worked-over to maintain (hopefully even to increase) production while the technical people decide if the original field development programme of ten wells can be optimised by drilling only nine wells - leaving only three wells to drill later this year. There is currently no seismic or other exploration work on-going and no sign of the proposed Farm Down which rather limits the opportunities to exploit the available assets asssuming the cash being generated now is paying down the loans. Thus PTR is held to circa 3,000 bopd with potential to add maybe 600 bopd (with some upside) from the remaining wells in the programme but otherwise there is little else to excite the market. Is this a fair assessment?

ICG announced on 12 April that the current charter of its vessel "Kaitaki" to Interliner is extended for a further 4 years until June 2017 at the higher rate of Euro3.75m/pa (previously Euro2.85m/pa). This secures increased revenue and improves the cash stream for the next 4 years. The Free Cash Flow is about 11% and that should go into the dividend given low near term capex.

For clarity of all, there are three RNS in February that related to Henderson holding: RNS 12/02/13 stated "PTR received notification on 12 February 2013 from Henderson Global Investors that it holds an aggregate interest in 76,070,183 ordinary shares of €0.01 each which represents 11.80%* of the issued share capital of PetroNeft" RNS 13/02/13 stated "PTR received notification on 13 February 2013 from Henderson Global Investors that it holds an aggregate interest in 80,612,217 ordinary shares of €0.01 each which represents 12.50%* of the issued share capital of PetroNeft." Then RNS 18/02/13 advised a reduction in holding "PTR received notification on 15 February 2013 from Henderson Global Investors that it holds an aggregate interest in 59,034,710 ordinary shares of €0.01 each which represents 9.15%* of the issued share capital of PetroNeft". No further RNS since that later date suggests that Henderson has maintained its shareholding.

What is your source for saying that Henderson is selling out?

news on well 112 must be imminent and my guess is that management want to get a steady production flow so that the 3000 bopd can be maintained consistently once the figure is announced. That consistency is a precursor for management (and this share) to rebuild some credibility.

In my view, the management team failed to properly assess the risks and obstacles that are inherent in these operations. They consistently forecast earlier and higher production volumes than those achieved. In June 2011 (AGM) they expected 4.000-5,000 by end Q1-2012 and 7,000-9,000 by end Q1-2013. As a result they invested in infrastructure that was funded with debt that the production volumes were unable to repay. They were also slow to re-focus on production when earlier technical problems occured at Pad 1 in Lineynoye. As a result the original shareholders were diluted as mangement scrambled to re-finance debt and the SP collapsed. This cost me half of my original investment. In addition, I feel that the SP will not advance until the terms of any Farm Out are known. Overall, at these levels, I still think PTR is a good Buy for the potential that it holds if production can be held above 3000+, the remaining wells in the current programme brought in on budget and a clear plan presented to exploit the other acerage.